Rapid Micro Biosystems (NASDAQ:RPID) Shares Down 0.6% – Here’s Why

Shares of Rapid Micro Biosystems, Inc. (NASDAQ:RPID) dropped 0.6% during mid-day trading on Monday . The stock traded as low as $1.68 and last traded at $1.70. Approximately 163,421 shares were traded during trading, an increase of 30% from the average session volume of 125,646 shares. The stock had previously closed at $1.71.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on RPID. KeyCorp decreased their price target on Rapid Micro Biosystems from $8.00 to $5.00 and set an “overweight” rating on the stock in a research note on Friday, May 29th. Lake Street Capital dropped their price objective on shares of Rapid Micro Biosystems from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Friday, May 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rapid Micro Biosystems in a report on Tuesday, April 21st. Finally, Wall Street Zen raised shares of Rapid Micro Biosystems from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 31st. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $6.00.

Rapid Micro Biosystems Price Performance

The company has a market cap of $77.56 million, a PE ratio of -1.50 and a beta of 1.45. The business’s 50 day moving average price is $2.11 and its 200-day moving average price is $2.99. The company has a quick ratio of 1.66, a current ratio of 2.57 and a debt-to-equity ratio of 0.93.

Rapid Micro Biosystems (NASDAQ:RPID) last released its quarterly earnings results on Wednesday, May 13th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.06). Rapid Micro Biosystems had a negative return on equity of 131.52% and a negative net margin of 145.81%.The firm had revenue of $8.00 million for the quarter, compared to analysts’ expectations of $7.60 million. As a group, analysts forecast that Rapid Micro Biosystems, Inc. will post -0.94 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Evernest Financial Advisors LLC grew its stake in Rapid Micro Biosystems by 355.1% during the 3rd quarter. Evernest Financial Advisors LLC now owns 200,234 shares of the company’s stock valued at $669,000 after purchasing an additional 156,234 shares in the last quarter. Marshall Wace LLP purchased a new stake in Rapid Micro Biosystems during the 4th quarter worth approximately $182,000. XTX Topco Ltd acquired a new position in shares of Rapid Micro Biosystems in the 2nd quarter valued at approximately $144,000. American Century Companies Inc. raised its position in shares of Rapid Micro Biosystems by 46.1% in the 2nd quarter. American Century Companies Inc. now owns 16,922 shares of the company’s stock valued at $58,000 after purchasing an additional 5,341 shares in the last quarter. Finally, Bank of America Corp DE raised its position in shares of Rapid Micro Biosystems by 139.9% in the 1st quarter. Bank of America Corp DE now owns 31,014 shares of the company’s stock valued at $70,000 after purchasing an additional 18,085 shares in the last quarter. Institutional investors and hedge funds own 52.60% of the company’s stock.

Rapid Micro Biosystems Company Profile

Rapid Micro Biosystems (NASDAQ: RPID) develops and commercializes automated microbial detection and contamination control solutions for the life sciences industry. Its flagship offering, the Growth Direct® System, leverages digital imaging and proprietary growth indicator plates to identify and count microorganisms more rapidly than traditional culture-based methods. The company’s technology platform is designed to streamline quality control workflows in pharmaceutical, biotechnology and vaccine manufacturing settings, helping clients reduce release times and improve operational efficiency.

In addition to the Growth Direct® System, Rapid Micro Biosystems offers an integrated suite of software and consumables that support automated data capture, analysis and reporting.